COLUMBIA, Md. –
GSE Systems, Inc. (“GSE” or “the Company”) (Nasdaq:GVP), a
leading provider of professional and technical engineering, staffing
services, and simulation software to clients in the power and process
industries, today announced that it has been awarded a contract from a
major US nuclear operating company to deliver a Data Validation &
Reconciliation (“DVR”) solution for the utility’s large fleet of nuclear
reactors.
True North Consulting, a GSE company, will use its extensive expertise
and utilize Belsim’s VALI software to build simulation models of the
client’s numerous nuclear reactor plants and integrate the models with
the respective plant information systems to automate DVR fleetwide. The
resulting models will enable the utility to perform additional
calculations for critical systems, such as feed flow systems. These
calculations will reduce uncertainty and validate plant instrumentation
readings as sensors age, helping plants make better operating decisions
to optimize performance. In addition to analysis of instruments for
critical systems, these enhanced plant models are useful for a variety
of purposes, such as optimizing preventative maintenance and testing.
This current contract is the result of a positive outcome from a pilot
project implemented for three nuclear reactors at the utility. GSE will
build the models in 2019 with an option to perform further integration
in 2020. Data from these models will feed other high-level information
systems in use by the utility.
VALI is an online DVR application that enhances plant system data
quality with regards to coherency, reliability and availability. Use of
DVR technology has been adopted in Europe and is taking hold in the US.
GSE has an exclusive arrangement with Belsim to utilize the VALI DVR
software for power plant applications in the US.
Kyle Loudermilk, President and CEO of GSE, said, “This contract reflects
our strategy of combining our subject matter expertise with new
technologies to provide innovative solutions that enable our customers
to operate their plants safely and efficiently. We are delighted to have
won this significant opportunity with our client.”
ABOUT GSE SYSTEMS, INC.
GSE Systems, Inc. is a leading provider of professional and technical
engineering, staffing services, and simulation software to clients in
the power and process industries. GSE’s products and services are
tailored to help customers achieve performance excellence in design,
training, compliance, and operations. The Company has over four decades
of experience, more than 1,100 installations, and hundreds of customers
in over 50 countries spanning the globe. GSE Systems is headquartered in
Sykesville (Baltimore), Maryland, with offices in Columbia, Maryland;
Navarre, Florida; Montrose, Colorado; and Beijing, China. Information
about GSE Systems is available at www.gses.com.
FORWARD LOOKING STATEMENTS
We make statements in this press release that are considered
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934. These statements reflect our current expectations
concerning future events and results. We use words such as “expect,”
“intend,” “believe,” “may,” “will,” “should,” “could,” “anticipates,”
and similar expressions to identify forward-looking statements, but
their absence does not mean a statement is not forward-looking. These
statements are not guarantees of our future performance and are subject
to risks, uncertainties, and other important factors that could cause
our actual performance or achievements to be materially different from
those we project. For a full discussion of these risks, uncertainties,
and factors, we encourage you to read our documents on file with the
Securities and Exchange Commission, including those set forth in our
periodic reports under the forward-looking statements and risk factors
sections. We do not intend to update or revise any forward-looking
statements, whether as a result of new information, future events, or
otherwise.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190122005113/en/
Company Contact
Chris Sorrells
Chief Operating Officer
GSE
Systems, Inc.
(410) 970-7802
The Equity Group Inc.
Kalle Ahl, CFA
(212) 836-9614
kahl@equityny.com